 
 
Solana’s DeFi ecosystem has regained measurable scale. Total value locked (TVL) on the network recently climbed past the $12 billion mark. Several trackers reported that all-time highs were set in total value locked, with assets on the network surpassing $ 12.1 billion.
DefiLlama shows Solana’s TVL at multi-billion levels this week, with short-term readings ranging from about $12.1B to $13.2B depending on the feed and timestamp.
CoinMarketCap listed SOL near $242 in Sept 2025, and the circulating supply of roughly 542.45 million SOL with a live market capitalization near $131.4 billion on the same date.
Those numbers set the baseline for any breakout calculus. At $242 per coin, Solana’s market cap sits in the low-hundreds of billions.
A $300 price implies a materially larger market cap. Using the reported circulating supply of 542,445,199 SOL, a $300 price point corresponds to a market capitalization of approximately $162,733,559,700. That is an increase of about $31.33 billion, or roughly 23.9% from the $131.40 billion figure.
 
TVL measures assets locked in smart contracts. It does not measure off-chain demand, exchange order books, or derivative exposure.
It also does not directly translate into token buy pressure. Market participants use TVL as a gauge for adoption and liquidity, but it is only one input in price models.
How much new demand would $300 require?
Reaching $300 from roughly $242 requires an approximately 23% net increase in market value. That rise could come from several sources that are visible and measurable: more on-chain deposits (higher TVL), new token buyers on exchanges, reduced circulating supply via staking or lockups, or a combination of these.
The current TVL figure of roughly $12.1B would need to grow materially if priced-in fundamentals were to justify a much larger market cap without relying on broad market momentum.
Context from recent market action
SOL’s price moved from the low-$200s to the mid-$200s in early September alongside the TVL uptick. This coverage has linked the TVL move to increased activity on major Solana DEXs and higher stablecoin deposits on the chain.
The $12.1B–$13.2B TVL milestone documents renewed DeFi engagement on Solana. It is a confirmed, meaningful metric of activity.
However, the arithmetic indicates that a move to $300 would necessitate a roughly 23% increase in total market capitalization from current levels.
That rise is achievable by price action. It is not implied solely by the observed TVL figure. A sustained price target of $300 would likely need continued TVL growth, fresh exchange-buy demand, or supply changes beyond the single TVL snapshot.
Source: https://zycrypto.com/can-12-1-billion-in-tvl-be-the-catalyst-for-a-solana-breakout-to-300-sol-price/